The elastic properties of syntactic foams with coated hollow spherical inclusions have been studied by means of Mori and Tanaka' s concept of average stress in the matrix and Eshelby' s equivalent inclusion theories. Some formulae to predict the effective modulus of this material have been derived theoretically. Based on these formulae, the influences of coating parameters such as the thickness and Poisson' s ratio on the modulus of the syntactic foams have been discussed at the same time.